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Shiba Inu (SHIB) is cooling off from the parabolic streak of the last few days. Despite the ongoing price consolidation, the protocol still maintains a very strong burn rate outlook. Shibburn data shows that the burn rate has increased by another 323% as a total of 68,119,115 SHIB tokens have just been sent to dead wallets.
This significant SHIB burning figure underscores the protocol’s determination to continually reduce its circulating supply which, at the moment, is set at 579,894,208,190,775 SHIB. With the current burn figure, the total number of SHIB tokens sent to inactive wallets so far amounts to 410,644,055,132,456 SHIB tokens.
Burn rate figures recorded earlier in the week are usually accompanied by bullish price action. The meme coin has noticeably decoupled from this trend, as its price is effectively set at $0.000007854 after losing 1.54% overnight, a sign of shaky buyers dominating the scene.
Although the burn rate figure is promising, it might not be considered a factor worthy of protecting the token from paring the 13%+ gains it has made in the last week period.
Key trends to watch for SHIB
As transactions of Shiba Inu and its ecosystem tokens grow, we will likely see more allocations to burn. While the impact on the short-term burn rate might not be as efficient as expected, this particular metric is considered vital for the future of the protocol.
In fact, maintaining Shiba Inu’s valuation in its attempt to nourish the SHIB price until it reaches $0.01 is a collective effort that must encompass burning and a sustained increase in demand.
This is where Shibarium comes into play. With the push to incorporate more decentralized applications (dApps), over time, Shibarium is projected to play a crucial role in serving as a conduit to deflate the supply of SHIB, as a portion of the transaction fees generated will be remitted. to dead wallets.
